This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Town And Country Financial Corporation Reports First-Quarter 2013 Net Income Of $686 Thousand On Revenue Of $5.5 Million

Stocks in this article: TWCF





SPRINGFIELD, Ill., April 29, 2013 /PRNewswire/ -- Town and Country Financial Corporation (OTC BB: TWCF) reported first-quarter net income of $686 thousand compared to $675 thousand in the first quarter of 2012.   Net income available to common shareholders was $0.24 per share, up 5.8% compared to $0.23 per share earned in the first quarter of 2012.  The first quarter of 2013 included a gain of $0.06 per share from the sale of securities compared to no gain in 2012, while net income from mortgage banking operations was $0.07 below the year-ago quarter.



Net revenue was $5.5 million, 4.8% above the first quarter of 2012 largely due to gains on the sale of securities and trust and investment advisory and commission fees that were up 58%.  Revenue from the highly cyclical mortgage banking business was 12% below the year ago quarter on volumes that were 16% lower.  Net interest income was up 1.2% driven by 16% average loan growth, especially loans to businesses.  But, despite this, the margin declined to 3.11% from 3.59% driven by additional liquidity due to a 2012 acquisition and the persistent low rate environment that has lowered earning asset yields faster and farther than the cost of funds. 

President and Chief Executive Officer, Micah R. Bartlett, noted, "First quarter revenue demonstrated resiliency through the diversity of our business lines and the balance sheet.  Some weakness in the net interest margin and variability in mortgage banking production levels was mitigated by securities gains and growth in assets.  Notably, loans were up 19% year over year, 80% due to organic growth and the remainder attributed to a 2012 acquisition.  We are also pleased with the success of our trust and investment business as assets held or managed grew by 40%."

Non-interest expense was $4.4 million compared to $4.3 million in the first quarter of 2012, the change due to costs related to two additional banking offices, higher mortgage-related staffing levels, and the merger of Logan County Bank into Town and Country Bank.  The merger was effected at the close of business March 8, 2013.

According to Bartlett, "We are very pleased with the strong growth posted in our loan and trust and investment portfolios and the related revenues.  Moreover, we believe that the growth is the result of the commitment we have made to our customers and communities to share proven solutions that enhance their financial health."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs